Hainan's service imports, exports exceed 35b yuan in 2022

Last year, the scale of Hainan's service trade maintained a rapid growth trend. The import and export value of services exceeded 35 billion yuan ($5.2 billion), with exports doubling year on year, according to the Hainan Provincial Department of Commerce.

Last year, Hainan achieved 35.36 billion yuan of service imports and exports, up 22.88 percent year on year. The import value was 17.18 billion yuan, while the export value amounted to 18.18 billion yuan, an increase of 112.21 percent year on year. The growth rate of service exports was 127.2 percentage points higher than that of imports, driving the service trade to achieve a surplus of 1 billion yuan.

Commercial and transportation services were the two engines propelling the growth of Hainan's service trade, and accounted for 75.57 percent of the province's trade volume.

Last year, a group of bulk commodity enterprises actively carried out an offshore trade business, accelerating the import and export of commercial services in Hainan to 13.87 billion yuan, a year-on-year increase of 2.51 times, and accounting for 39.21 percent of the total service trade.

The export growth of transport services maintained an expansion trend. Hainan achieved 12.86 billion yuan of imports and exports of transport services, up 61.94 percent year on year, accounting for 36.36 percent of the total service trade.

The import and export of travel services continued to recover, reaching 2.36 billion yuan, up six percent year on year. Import and export of maintenance and repair services reached 1.36 billion yuan, up 75.62 percent year on year.

An official of the Hainan Provincial Department of Commerce said that since the release of the Overall Plan for the Construction of Hainan Free Trade Port, a number of Hainan FTP policies have taken effect, significantly enhancing Hainan's ability to serve international demand.